When it comes to landlords and investors, we’re always looking for new ways to increase the value of our properties, thus further increasing the rental prices we can offer enabling a greater overall profit. Everyone wants to stand out from the competition and capitalize on the maximum amount of possible income, so why not boost your holiday let as much as possible to ensure that? The tips digressed upon within this article will help you boost your holiday let profit and will help you stand out from the competition.
- Have a flexible pricing strategy
By simply enforcing a flexible pricing strategy you could greatly increase your overall profit margins. Sites like Airbnb offer flexible pricing models such as paying 50% on reservation and the remaining 50% a couple days before arrival. Flexible plans like this on average increase profit by 12% in comparison to other holiday lets that don’t offer the same flexibility.
An extra tip for those who are more lenient and want to marginalize?? more is to extend cancellation dates and policies. Not only will this attract more customers, but it will also make them feel safer to reserve one of your holiday lets due to the extra level of flexibility in case of a change of plans or an emergency. This in turn will help boost your booking occupancies and would help instill a degree of trust, thus helping to boost your profit.
- Spend money where it matters – make it count!
Holiday lets which have well-equipped kitchens and bathrooms are an essential component to any good let and always perform better than others. Upgraded perks like a fully integrated kitchen, high-pressured showers and easy-to-clean wooden/stone floors offer an attractive dwelling for guests to indulge in.
One of the best things about spending money on your property is that you can deduct the costs from pre-tax profits if your home successfully qualifies as a furnished holiday let, helping to stretch your income even more.
Why not invest a little more and indulge in some luxuries for your guests (and you) to enjoy such as a high-quality wooden hot tub, Netflix, high-quality speakers or a good quality barbecue which would easily increase the value of your holiday let per night. These are easily some luxuries that you’ll be able to pay off in no time.
- Make it appeal all year-round
Alongside upgrading and even possibly doing a little renovating to you holiday let – making sure it appeals all-year-round is a surefire way to boost your profit. An easy tip on how to attract guests throughout the year is to allow shorter breaks – something that will easily boost your income by an increased occupancy rate percentage.
Why not add some marketing to your holiday let listing – if you’re targeting your stay as a ‘romantic getaway,’ try and create spaces around your let that follow in line with that theme. Adding a dedicated and cozy living space with a log burner or fire could greatly enhance the appeal of your holiday let.
“Properties with open fires earn an average of 14pc more, according to Sykes, while Jess Clark, of upmarket rentals agency Unique Homestays, said wet weather facilities such as games rooms and cinema rooms allowed owners to charge more.” (Telegraph, 2021).
- Accept Pets
Whilst it’s true that many holiday let owners are more reserved about allowing pets due to the increased amount of wear and tear – it serves to be a significant revenue increase and could generate up to 18% more booking and profit in the long run than those which are not pet-friendly.
If you do decide to open that option, be sure to let your guests know about the rules in place and the consequences if damage is done to the property. Thorough inspections before and after a guest stays should be carried out so you can keep an eye on any areas of the holiday let which raise concern or have been defected. If this is too much hassle, instructing a management company can ease the workload and ensure your property stays in show-home conditions at all times.
- Create a mini-workstation space
With more people working remotely due to the onset of the pandemic, around one in five people are likely to work on holiday, therefore it’s imperative to cater for nomads and provide a workstation to increase your profit margins.
You can increase your income by 16% just by ensuring you have a strong and stable WIFI connection throughout the holiday let – bonus points for those who create a dedicated workspace, suitable lighting and good internet connectivity for their guests.
For those looking to specifically target digital nomads and businessmen/businesswomen alike, consider investing in some workspace luxuries for your holiday let such as a good printer and coffee machine.
To summarise, we’ve gone over some of the best tips on helping you to increase your profit margins by boosting the appeal of your holiday let. If you’re looking for more tips on maximizing the value of your property or are looking for some extra guidance, feel free to contact us now at: 0116 232 5129 or email us at: firstname.lastname@example.org.
At Big Roar we pride ourselves on our excellent quality of customer care and services- that’s why we offer a no obligation free zoom consultation for all of our loyal clients and future customer. To find out more contact us now.